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  • Mortgage Loan For Cibil Defaulters In Mumbai

Mortgage Loan For Cibil Defaulters In Mumbai


CIBIL is Indias first credit information company which collates information on the credit behavior of borrowers from banks and credit institutions. CIBIL is not a defaulters list or a watchdog and consumers have nothing to fear about CIBIL.

 

What this means that, your name will be in the CIBIL database if you have ever taken a loan or credit card and your month-on-month payment behavior on loan EMIs and credit card dues will be recorded.

 

In fact CIBIL was established with the core purpose of promoting healthy credit penetration and boosting sustainable retail credit growth for the benefit of the consumers and the economy. So, how does this bring about a big change and why should consumer be glad of bureaus existence?


Loan Against Property for Cibil Defaulters in Mumbai


Advent and evolution of CIBIL in India has made credit lending objective, information oriented and therefore much more reliable and less risk prone. Today banks and credit institutions can lend to consumers confidently based on the information received from the bureau on the consumers past credit behavior as well as prediction about the likelihood of default based on credit scoring models. CIBIL has today emerged as the countrys leading Credit Information Company and a trusted risk management partner to its ever growing member base. Credit grantors increasingly rely on CIBILs services to make objective, faster and prudent lending decisions. Many industry leaders attribute the decline in defaults and improvement in asset quality to the information support received from CIBIL.

Moreover usage of the credit information for lending also has direct benefits for the consumers like:

Speedier access to credit: When a consumer applies for credit, lenders use the credit information to make faster, more consistent decisions, thereby eliminating much of the risk of human error and subjectivity. Even significant lending decisions can now be made in a matter of hours or minutes rather than days or weeks with credit information. This enables faster processing of loan applications and thereby speedier access to credit for consumers.

Availability of affordable credit at better terms: In addition to both speed and convenience, credit information may also make credit cheaper, which means lower costs to consumers. Without objective credit information, lenders may set prices in a subjective manner. This may result in credit products that are expensive for low-risk consumers and inexpensive for high-risk consumers. By reducing costs of extending credit, credit scoring may enable lenders to give credit to more customers and at overall lower costs.

 

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Mortgage Loan For Cibil Defaulters In Mumbai

  • Product Code: Mortgage Loan For Cibil Defaulters In Mumbai

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